For a number of businesses, the issues won’t resolve entirely once local economies reopen, either. Social distancing guidelines are expected to remain in place, which will change how many businesses operate, including everything from cleaning protocols to employees’ shifts.

Expenses associated with these unforeseen circumstances can add up – and many small businesses may find themselves spending more than they are taking in.

The PPP is designed to incentivize business owners to retain employees throughout the period of economic tumult, whereas economic injury loans are not specifically associated with coronavirus but are broadly for businesses that have suffered substantial economic injury rendering them unable to pay ordinary and necessary operating expenses. The point of the loan is to help a business ride out a disaster period until normal operations can resume – it applies to situations where there is no physical damage.

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Do your research to see whether either, or both options are applicable to your specific situation.

More than 20 million jobs lost in April

The losses will likely continue into May.

Tax credits

Businesses can also look into the employee retention tax credit, which is a fully refundable tax credit equal to 50 percent of qualified wages – including certain health care costs – paid between March 12 and Jan. 1, 2021, up to $5,000 per worker.

Paid family and sick leave has been extended under the CARES Act, and business owners can receive a tax credit for the required sick and family leave.

Look into SBA debt relief

The SBA is offering automatic deferral of payments for its home and disaster loans, but it will also pay six months of principal, interest, and any associated fees for all current 7(a), 504, and microloans in regular servicing status as well as new 7(a), 504, and microloans disbursed prior to Sept. 27, 2020.

As noted by Intuit, some crowdfunding sites – including GoFundMe – have small business relief initiatives designed to get business owners free cash. You can also apply for a matching grant from the small business relief fund, whereby GoFundMe and its partners will issue $500 to businesses that raise at least that amount on its platform.